Italy’s corporate landscape in 2025 presents a compelling tapestry of legacy names, strategic pivoters, and vertically integrated conglomerates that shape not only the national economy but also carry influence across Europe and globally. For business leaders, investors, executives, and founders tracking opportunities or benchmarking performance, understanding Italy’s most powerful corporations—by revenue, market cap, strategic positioning, and innovation footprint—yields insight into where sectors are consolidating, how state-backed powerhouses adapt, and what emerging trends are reshaping old giants.

This article examines, from a third-person perspective, the Top 10 biggest companies in Italy in 2025. It profiles their operations, strategic strengths and challenges, and the role they play in Italy’s economy, innovation ecosystem, global trade, and sustainable ambitions. The article is intended to serve the TradeProfession.com audience as an authoritative guide into Italian industry leaders, especially for those interested in investment, technology, global expansion, sustainability, executive leadership, and sectoral dynamics in energy, finance, utilities, industry, and defense.

Throughout the article, links to internal TradeProfession.com pages on key domains like business, investment, global, technology, sustainable, executive, and innovation are included to help you dive deeper into overlapping themes.

Methodology & Criteria

In compiling this list, size is judged not merely by revenue, but by a blend of metrics—annual turnover, operating scale, market capitalization, global footprint, and strategic significance in Italy’s economy as of 2025. The list draws on the most recent financial reports, market data, and rankings. Sources such as Mediobanca’s cumulative ranking of Italian giants indicate Eni leads in revenue, followed by Enel and Exor in 2024, while others such as Stellantis Europe and GSE claim top spots in narrower categories. (Mediobanca’s ranking placed Eni at €113 billion, Enel at €102 billion, and Exor at €86 billion for 2024).

This approach balances pure financial scale with enduring strategic footprint and influence. Where possible, projected 2025 trends and recent corporate developments are incorporated to keep the narrative current.

Overview: Italy’s Corporate Powerhouses in 2025

Italy’s largest corporations in 2025 continue to cluster around energy, utilities, finance, industrial conglomerates, infrastructure, and defense/aerospace. Many are former state champions or carry significant public ownership stakes, and they are navigating the twin pressures of decarbonization and European integration.

1. Eni S.p.A.

As of the 2024–2025 period, Eni remains Italy’s undisputed revenue leader. According to Mediobanca, it recorded roughly €113 billion in turnover in 2024, surpassing even Enel. It has long held a hybrid public/private status, with the Italian state retaining a golden share and significant ownership via Cassa Depositi e Prestiti.

Operational Scope and Business ModelEni is deeply integrated across the upstream (exploration & production), midstream (transport and storage), downstream (refining, marketing), chemical, gas, and power sectors. Over recent years, it has also pivoted aggressively into low-carbon ventures, notably through Plenitude, its retail-renewables platform, combining power and gas retail with renewable generation and EV charging. In 2025, Eni agreed to sell 20% of Plenitude to Ares Management for ~€2 billion, valuing Plenitude at €10 billion+ (equity), a move highlighting its ambition to monetize energy transition assets.

Financial Dynamics & ChallengesRecent quarterly results have shown pressure: in Q2 2025, Eni’s profit declined by ~25% year-on-year amid weaker commodity prices and currency headwinds, though the company reduced leverage and reaffirmed dividend and buyback plans. It also raised its full-year operating cash flow forecast, leveraging its flexibility and portfolio diversification to mitigate volatility.

Nonetheless, balancing fossil legacy operations with green ambitions presents risk. The sale of part of Plenitude suggests Eni is prepared to partner externally. For investors and strategic observers, Eni offers both scale and a front-row view of how a major supermajor is repositioning in energy transition.

2. Enel S.p.A.

Enel operates as Italy’s leading utilities and power group and consistently ranks among the highest market-capitalization firms in Italy. In October 2025, its market cap was quoted around $96.9 billion (approx. €90+ billion).

Scale and CapabilitiesEnel manages an integrated energy business: generation (renewables, conventional), grid operations, retail supply, and emerging battery storage development. It is present in more than 30 countries, servicing over 70 million customers globally and managing more than 2.2 million kilometers of distribution network.

One notable development in 2025: Italy conducted its first battery storage auction, and Enel won more than half of the awarded capacity. This underscores Enel’s centrality in enabling grid-scale storage needed to stabilize intermittent renewables.

Enel’s performance is not without strain: recent revenue declines in TTM (trailing twelve months) reflect regulatory, commodity, and macro pressures. However, its diversification and ownership of grid and generation positions it as critical in Italy’s decarbonization strategy.

3. Exor N.V.

Exor, the investment holding of the Agnelli family, emerges in these rankings not simply as a passive investor but as an active architect of industrial consolidation. Mediobanca placed Exor’s 2024 revenue at about €86 billion, narrowly trailing Enel.

Portfolio & InfluenceExor controls or holds major stakes in several industrial champion companies, including Stellantis (automotive), Ferrari (luxury automotive), Prysmian (cables), and Gedi (media). Through these holdings, Exor reproduces influence across a range of sectors and supports coordination across its portfolio. Its scale reflects more than ownership value—it reflects a cascade of industrial interactions.

Exor’s strength lies in capital deployment, governance, and strategic steering—traits that align with TradeProfession.com’s interest in founders, executive leadership, investment, and innovation.

4. Stellantis Europe

Stellantis Europe, the result of the 2021 merger between PSA and FCA, holds a prominent position in Italy’s industrial hierarchy. For purposes of ranking here, Stellantis is considered a continuing industrial giant tied to Italian operations. According to Mediobanca’s 2024 ranking, its European arm recorded turnover of around €84 billion.

Italian FootprintStellantis includes legacy Italian automotive brands—Fiat, Lancia, Alfa Romeo—anchoring manufacturing operations in Turin and beyond. In 2025 the company pledged to invest €2 billion in Italian production plus another €6 billion in the supply chain, signaling confidence in Italy’s automotive future and strategic alignment with EV/hybrid manufacturing incentives.

Yet, this pledge comes amid challenges: the broader European auto market is under transition pressure, regulatory carbon targets are tightening, and Chinese entrants intensify competition. For executives and strategic planners, Stellantis Europe is a case study in legacy reinvention and multinationals balancing national roots with global scale.

5. Generali Group

Assicurazioni Generali (Generali) stands as Italy’s flagship insurance and financial services company. It topped revenue lists in Italy in 2024, recorded at €95.19 billion per Global Database rankings, ahead of Eni and Enel.

Core StrengthsGenerali operates across life, property, casualty, asset management, and specialized insurance lines. Its extensive European footprint and diversification make it resilient to disruption. In 2025, amid global economic uncertainty, Generali emphasizes risk management, digital insurance platforms, and ESG integration in underwriting and investments.

As interest yields evolve, Generali’s investment portfolio becomes critical, linking to TradeProfession.com’s themes of investment, wealth, and finance. It also offers case lessons for leadership in regulated financial domains.

6. GSE (Gestore Servizi Energetici)

GSE, Italy’s state energy services manager and operator of public energy incentives, may not always be front of mind in private sector lists, but it ranks among the revenue giants. Mediobanca in 2024 reports €54 billion attributed to GSE.

Role & Strategic ImportanceGSE is fundamental to Italy’s energy transition: it manages renewable energy incentives, public tenders, grid integration, and renewable deployment policy. Its revenue scale arises from policy-driven flows rather than pure market competition. For those engaged in the business of sustainability, energy transition, and public-private interaction, GSE offers a vantage on how government policy is financially embedded.

GSE is central to Italy’s progress toward climate goals, and its prominence underscores that in Italy, corporate power includes quasi-governmental operators.

7. Leonardo S.p.A.

Leonardo (formerly Finmeccanica) is Italy’s flagship in aerospace, defense, security, and advanced electronics. It places among the top companies, with 2024 turnover of ~€17.76 billion per Global Database rankings, and upgraded guidance in 2025 reflecting strong order backlog.

In March 2025, Leonardo adjusted its 2025 revenue forecast upward to €18.6 billion, anticipating an EBITA of €1.66 billion, driven by renewed defense demand and electronics contracts. (Source: Reuters)

Strategic Edge & ChallengesLeonardo’s strength lies in being a domestic anchor for defense, aerospace, and cybersecurity technologies—areas where nation-states often insist on local control. It benefits from Italy’s strategic priorities within the EU and NATO. At the same time, it must compete globally against large defense primes and navigate export restrictions, regulation, and funding cycles. The sale of Iveco’s defense and trucks divisions to Leonardo (for ~€1.7 billion) deepens its land systems competency.

For executives and founders in defence, security, aerospace, or industrial technology sectors, Leonardo exemplifies a legacy industrial champion evolving in a high-stringency, high-barrier domain.

8. Prysmian Group

Prysmian, a global leader in cables and systems, plays a pivotal role in energy and telecommunications infrastructure. Per global capitalization rankings, it sits among the top Italian industrials.

Its product portfolio spans subsea power cables, optical fiber, ultrahigh voltage lines, and specialty cables for renewable, telecom, and grid interconnections. Because energy transition and digital infrastructure both demand advanced cabling systems, Prysmian’s market sits at the intersection of decarbonization and connectivity.

While its absolute revenue may be lower than some state-backed giants, its strategic positioning and export orientation make it crucial to Italy’s industrial identity and to global supply chains.

9. Fincantieri S.p.A.

Fincantieri is a major global shipbuilding group and defense naval systems supplier. It has historically benefited from Italy’s maritime heritage and naval procurement programs. In 2024, Fincantieri turnover was recorded around €8 billion in Mediobanca’s list.

Niche & StrengthFincantieri specializes in cruise ships, naval vessels, offshore vessels, and marine systems. Its ability to deliver high-technology hulls, integrated systems, and green propulsion (e.g. LNG-fueled or hybrid vessels) positions it to benefit from megatrends in maritime decarbonization and defense naval modernization.

Challenges include shipbuilding capital intensity, competitive pressure from Korean and Chinese yards, and supply chain complexity. Nonetheless, its leadership in niche naval sectors and state backing secure it among Italy’s industrial heavyweight list.

10. Italgas S.p.A.

Italgas occupies the role of Italy’s premier gas distribution and network operator. In 2024, Italgas reported revenue of €1,778.8 million and net income of €506.6 million. It operates Europe’s largest gas distribution network, serving over 12 million customers. (Wikipedia)

Strategic RelevanceItalgas is transforming from a mere gas distributor toward broader infrastructure, energy efficiency, water services, and smart network operator. After acquiring 2i Rete Gas, it solidified its leading scale in distribution. Through its water utility arm Nepta, Italgas now serves millions in water services too.

As Europe transitions away from fossil gas, Italgas faces the challenge to retool infrastructure toward hydrogen readiness, network electrification, and integration with renewables and storage. For those observing the infrastructure-utility transformation, Italgas offers a model in evolutionary adaptation.

Honorable Mentions & Context

While the above ten represent industrial and energy dominance, several financial and service companies remain critical in Italy’s ecosystem:

Intesa Sanpaolo and UniCredit are prominent banking giants with strong presence in Europe.

Poste Italiane blends logistics, payments, and insurance.

Terna operates the national electricity grid.

Telecom Italia and Atlantia are infrastructure giants with legacy National roles.

Moncler, Brunello Cucinelli, and other luxury brands punch above their weight in global niche visibility (e.g. Brunello Cucinelli’s sales jumped ~12.4% in 2024).

In practice, the combined importance of industrial, financial, service, and legacy sectors defines Italy’s uniquely diversified yet state-anchored corporate ecology.

Strategic Themes and Trends

1. Energy Transition as a Collision of Legacy and Innovation

The concentration of energy and utility names (Eni, Enel, Italgas, GSE) in the top ranks underscores that Italy’s largest fortunes are still rooted in control of energy systems. But these companies now face existential pressure to pivot: investing in renewables, storage, hydrogen, and smart grids, while managing stranded assets.

Companies like Eni are monetizing green biz units; Enel is deploying battery auctions; GSE manages incentive regimes. This shift is crosscutting, involving technology, investment, sustainable, and global dimensions for TradeProfession.com readers.

2. Industrial Consolidation & Holding Playbooks

Exor’s role as a holding company deploying capital, overseeing governance, and orchestrating industrial synergies highlights how thoughtful capital allocation can magnify influence without scaling a single product. For founders and executive readers, Exor’s model blends ownership discipline and portfolio finesse.

Stellantis is navigating consolidation challenges in the auto sector. Leonardo is absorbing defense assets (Iveco). These movements reflect sectoral consolidation, plate tectonics bringing scale and focus.

3. Infrastructure & Networks as Critical Assets

Control of physical networks (electricity, gas, cables, grid) remains a strategic moat. Enel (electric grids), Italgas (gas networks), Prysmian (cabling), Terna, and GSE all operate networked assets. Their ability to manage transition, digital controls, and regulatory relations defines whether networks become liabilities or strategic enablers.

4. State-Private Hybrid Models & Governance Stress

Many of the biggest firms have meaningful state ownership or policy linkages (Eni golden share, GSE state mandate, Leonardo defense contracts, Stellantis’s Italian plants). That introduces conflicting pressures: profit and shareholder return vs public policy objectives, industrial sovereignty, and political scrutiny.

TradeProfession.com’s global and executive audience should note that Italy’s giants are often entangled in governance, regulatory complexity, and public accountability in ways less visible in fully private economies.

5. Export Orientation & Risk Diversification

While domestic scale matters, global diversification is essential. Prysmian supplies cables worldwide; Leonardo competes globally in defense; Enel and Eni derive foreign earnings; Fincantieri builds vessels abroad. Export resilience helps cushion domestic cyclicality.

What This Means for Stakeholders

For investors, tracking Italy’s biggest firms offers exposure to energy transition, infrastructure retooling, defense budgets, and industrial exports. But it also demands sensitivity to state influence, regulatory shifts, commodity cycles, and ESG risk.

For executives and founders, benchmarking against these giants reveals leadership lessons: how to pivot, govern hybrid capital structures, scale across borders, manage legacy units while investing in innovation, and negotiate public-private ecosystems.

For those engaged in technology, innovation, sustainable business, and global growth, Italy’s giants show how large incumbents can (or cannot) be transformed. Their challenges and successes offer both warning and roadmaps for scaling mission-critical platforms or infrastructural ventures in other markets.

From a TradeProfession.com perspective—serving audiences in artificial intelligence, banking, business, crypto, economy, education, employment, executive leadership, founders, global strategy, innovation, investment, marketing, stock exchange, sustainable development, and technology—this analysis connects to many verticals. For example:

The technology transformation of energy, grid control, digitalization, and AI integration within these corporations offers lessons and opportunity intersections.

In investment, the capital moves (spinouts, partial IPOs, carve-outs) illustrate how to monetize segments while maintaining control.

In global strategy, companies like Prysmian, Leonardo, and Fincantieri show how to embed Italian engineering into global supply chains.

In sustainability, the energy giants’ shifting portfolios showcase the tension between legacy carbon business and future-fit renewables.

Challenges & Risks to Watch

Even giants are vulnerable. Some critical risks for Italy’s top companies:

Regulatory and Policy Risk: European energy, climate, defense, and procurement policies can dramatically reshape profitability.

Stranded Asset Risk: Fossil exposures may become liabilities if transition accelerates faster than capital reallocation.

Technology Disruption: Digital startups in energy, microgrids, decentralized services threaten centralized incumbency.

Geopolitics & Supply Chain Stress: Competition for raw materials, cross-border regulation, export controls, and supply chain fragility loom large.

Governance & Public Scrutiny: As many are partially state-owned, reputational and political risks are amplified.

Thus, the giants must balance bold transformation with robust risk management.

Future Outlook for 2026 and Beyond

Looking ahead, some trajectories seem likely:

Green spinouts & partnerships: More carve-outs of low-carbon divisions to external investors (as Eni did with Plenitude) will emerge.

Grid modernization & digital twins: Utilities will invest heavily in AI-driven operations, predictive maintenance, network optimization, and smart customer platforms.

Cross-sector convergence: Expect mergers or deeper partnerships across energy, telecom, infrastructure (e.g. grid + fiber + EV charging).

Global competition intensifies: Italian firms must outrun competition from U.S., Chinese, and Northern European multinationals.

Sustainability disclosure & transition finance pressure: Capital markets will demand more stringent ESG credentials, transition plans, and climate alignment.

For readers at TradeProfession.com, these trends intersect your interest domains: technology, innovation, investment, global, business, sustainable, executive, and founders.

Conclusion

In 2025, Italy’s biggest companies reflect a complex interplay between energy dominion, industrial legacy, infrastructure control, and policies blending public interest with commercial ambition. While Eni and Enel anchor the top through sheer scale and relevance, Exor, Stellantis, Leonardo, Generali, Prysmian, Fincantieri, Italgas, and GSE form the scaffolding of Italy’s industrial might and strategic future.

For executives, investors, and entrepreneurs aligned with TradeProfession.com’s focus areas, monitoring how these giants evolve is not about idle curiosity—it is about learning from how incumbents adapt, fail, or reinvent, and about discerning where adjacent opportunity lies. In sectors from energy to aerospace, from infrastructure to insurance, Italy’s flagship firms offer both cautionary tales and maps of possibility.

As Italy navigates decarbonization, digital transformation, global competition, and public-private balance, the stories of its top 10 corporations will continue to define not only its economy but also serve as instructive case studies for the global business community.

If you like, I can also prepare an updated ranking based on market cap, or contrast these with top firms in France, Germany, or the U.S. to support direct benchmarking.